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(a) The assets of the permanent fund may be invested in the following real estate investments:
(1) equity interests in, debt obligations secured by mortgages granting a lien on, and other structured investment forms to finance, real estate that is located in the United States, is professionally managed, and is
(A) improved by completed and substantially rented buildings;
(B) located within the market area of real property in which the permanent fund holds an existing interest and is acquired
(i) for the purpose of creating or adding to a portfolio of similar properties; or
(ii) to retain or service the needs of existing tenants; or
(C) timberland or other agricultural land;
(2) subject to (b) of this section, equity interests in, debt obligations secured by mortgages granting a lien on, and other structured investment forms to finance, real estate that is located outside the United States, so long as the property otherwise meets the requirements of (1)(A) or (B) of this subsection;
(3) subject to (c) of this section, equity interests in entities formed to develop for commercial purposes vacant or underdeveloped real estate located in the United States that, when completed and occupied, would meet the requirements of (1)(A) of this subsection;
(4) interests in a titleholding entity, real estate investment trust, real estate operating company, or other entity whose assets consist predominantly of
(A) property of a type in which the APFC is otherwise permitted to invest permanent fund assets under (1), (2), or (3) of this subsection; or
(B) interests in other entities in which the APFC is permitted to invest permanent fund assets under (A) of this paragraph.
(b) The aggregate value of investments made under (a)(2) of this section may not exceed five percent of the total value of the permanent fund.
(c) The aggregate value of investments made under (a)(3) of this section may not exceed five percent of the total value of the permanent fund
History: Eff. 1/1/2006, Register 177
Authority: AS 37.13.120
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Last modified 7/05/2006